Feature

Is Hef killing Playboy?

Is Playboy-in-chief Hugh Hefner sacrificing his business empire for busty blondes and bling?

According to a lawsuit filed by Playboy Enterprises shareholders, Hugh Hefner, 83, cares more about his decadent lifestyle (think, celebrity-studded pajama parties and group frolics in the Grotto) than he does about the company's well-being. Hefner owns 70 percent of Playboy Class A stock — the only kind that carries voting rights — and has repeatedly dismissed takeover offers even as company stock has tanked. The plaintiffs point out that Playboy owns Hefner's iconic mansion, which means he'd have to find a new playground were he to sell. Is a defiantly hedonistic Hef running his media empire into the ground?

Hef is isn't the only problem: Playboy's shareholders really are getting screwed, but tough times in the media business are probably a factor, too, says TMZ. Playboy sold for $36 a share in 1999, but now goes for around $3.15 a share — that's half the price of a copy of Playboy, which "sells for $5.99...because of the articles."
"Hugh Hefner accused of screwing Playboy"

The investors should accept some responsibiity themselves: The substance of the allegations is "basically true," says Zac Bissonnette in BloggingStocks. But it's not the court's duty to bail out investors who are too lazy or financially illiterate to see that "Playboy is an absolute toilet bowl of corporate governance," with the deck heavily tilted toward Hefner and his "cadre of greedy insiders."
"Shareholder slams Playboy with lawsuit over Hugh Hefner"

Why wouldn't Hef live this way? "The wild card here is Hugh Hefner," according to an investment company analysis, as quoted in The Daily News. But he's not likely to change. "If you were Hugh Hefner...would you give up the parade of busty blondes, the fancy mansion, and the reality TV show for a payout?"
"Playboy shareholder sues Hugh Hefner over alleged sabotage of deals to sell magazine"

Recommended

Why is Riyadh going it alone on oil cuts?
An illustrated image of oil rigs and oil barrels
Today's big question

Why is Riyadh going it alone on oil cuts?

Jamie Dimon 2024?
Jamie Dimon on Capitol Hill
Profile

Jamie Dimon 2024?

MoviePass stages a Hollywood comeback
MoviePass illustration
Briefing

MoviePass stages a Hollywood comeback

Nvidia joins the trillion-dollar club
Nvidia
Feature

Nvidia joins the trillion-dollar club

Most Popular

Can Chris Christie make a comeback?
A black and white photo of Chris Christie waving
Profile

Can Chris Christie make a comeback?

Is Trump's wall working?
International Border Wall Between Tecate California and Tecate Mexico.
Briefing

Is Trump's wall working?

Orlando's Gay Days draws LGBTQ crowds to Disney World amid DeSantis feud
Gay Days at Walt Disney World in 2023
Come as You Are

Orlando's Gay Days draws LGBTQ crowds to Disney World amid DeSantis feud